Sterling McCall moves £70m to Novia

East Midlands-based Sterling McCall Wealth Management has moved over £70 million of its assets onto the Novia platform.

The firm has switched £71.5 million of assets from 1,800 clients on its in-house discretionary management system from Praemium to Novia over the course of past few months. Those clients represent over a quarter of the firm’s total of £250 million assets.

Sterling McCall director Steve Moseley (pictured) said that cost, functionality and usability dictated the platform switch. ‘By using Novia it means less paperwork to submit because it has a more streamlined process to get money onto the platform and also has discretionary fund manager functionality,’ he said.

‘We were using Praemium, but it was more of an accounting system and didn’t have the visibility for clients to see what they put in, how much they’ve made and how much they’ve got now.

‘We still have money with most platforms but are now focused on using one for the in-sourced discretionary management,’ he said.

Sterling McCall was the first firm to sign up to Praemium’s discretionary platform service in 2009.